Thursday, August 16, 2018

Elliott Wave Stock Market Update - August 16

The market mounted a strong rally today and the 2796 support level continues to be the level to break for bears. If the market recaptures the TA, there is little doubt there will be new all-time highs ahead. Perhaps there will be some sort of break-through in the China trade issue and that will be used as an excuse to mount a substantial rally? And speaking of China, I am going to Shanghai next week for a convention. My first ever over there should it should interesting.

Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking

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